Banking in Canada
#1
Banking in Canada
Hi Just wondering what the banking was like in Canada and which are the best Banks to use for a newcomer to Vancouver. Also can you set up an account before arriving in Canada? I will also have some small bills to pay in the UK, whats the cheapest, quickest method of transferring money back to the UK.
Thanks
Thanks
#2
Re: Banking in Canada
Hi Just wondering what the banking was like in Canada and which are the best Banks to use for a newcomer to Vancouver. Also can you set up an account before arriving in Canada? I will also have some small bills to pay in the UK, whats the cheapest, quickest method of transferring money back to the UK.
Thanks
Thanks
HTH.
#3
Re: Banking in Canada
We have found RBC (Royal Bank of Canada) to be very good, although you can tell they are a salesperson first and banker second.
The big thing to be prepared for is that you pay for the privilege of a bank account in Canada (at least one that's worth anything). You also have to be prepared for charges on almost anything, so do make sure you check out what is and isn't included in your account. For instance you may be charged for a cheque, or for taking money out of a rival banks atm. Some even limit the number of transactions you can make for free.
The other nice thing with RBC is that if you are on a visa/permit for longer than 2 years they will give you a credit card to help you get your credit history going.
You cant really open one before you are here, or at least have your work permit, as the bank will need for Social Insurance Number (SIN) and you will need your work permit/visa to get this.
The big thing to be prepared for is that you pay for the privilege of a bank account in Canada (at least one that's worth anything). You also have to be prepared for charges on almost anything, so do make sure you check out what is and isn't included in your account. For instance you may be charged for a cheque, or for taking money out of a rival banks atm. Some even limit the number of transactions you can make for free.
The other nice thing with RBC is that if you are on a visa/permit for longer than 2 years they will give you a credit card to help you get your credit history going.
You cant really open one before you are here, or at least have your work permit, as the bank will need for Social Insurance Number (SIN) and you will need your work permit/visa to get this.
#5
Joined: Sep 2008
Posts: 12,830
Re: Banking in Canada
Everyone invested in them, including pension funds, union funds and mutual funds is likely benefiting form this.
#6
Banned
Joined: Apr 2009
Location: SW Ontario
Posts: 19,879
Re: Banking in Canada
All the main banks have newcomer accounts, mostly free of charges for 6-12 months.
Newcomers to Canada - RBC
StartRight Program for Newcomers | Scotiabank
https://www.tdcanadatrust.com/planni...nada/index.jsp
https://www.cibc.com/ca/chequing-savings/newcomers.html
Banking for Newcomers to Canada | BMO Bank of Montreal
Newcomers to Canada - RBC
StartRight Program for Newcomers | Scotiabank
https://www.tdcanadatrust.com/planni...nada/index.jsp
https://www.cibc.com/ca/chequing-savings/newcomers.html
Banking for Newcomers to Canada | BMO Bank of Montreal
#7
Re: Banking in Canada
Don't get me wrong I am not passing a moral judgment on them for being a business or selling it was merely an observation on how the system is different here to the UK. In my experience you actually get good service from the banks here.
#9
Re: Banking in Canada
If you bank with HSBC/First Direct in the UK they can open you a bank account in Canada before you arrive.
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#10
BE Enthusiast
Joined: Sep 2014
Location: Vancouver, BC
Posts: 835
Re: Banking in Canada
Don't discount credit unions either. We are with Van City (as are a lot of people I work with) and they generally come across as being pretty good.
#11
Re: Banking in Canada
The secured credit card is for IEC/TWPs. I had so many issues trying to get a credit card because I'm on an IEC. RBC refused me. TD refused me (despite banking with them). CIBC gave me a credit card straight away (although the credit check took 6 weeks to complete).
#12
Account Closed
Joined: Jan 2006
Posts: 0
Re: Banking in Canada
They are a business indeed, but RBC at least our branch is getting a little too pushy. It's become annoying and frankly is poor customer service in my view.
#13
Banned
Joined: Apr 2009
Location: SW Ontario
Posts: 19,879
Re: Banking in Canada
The credit unions are meant to be good. Check out Presidents Choice.
The secured credit card is for IEC/TWPs. I had so many issues trying to get a credit card because I'm on an IEC. RBC refused me. TD refused me (despite banking with them). CIBC gave me a credit card straight away (although the credit check took 6 weeks to complete).
The secured credit card is for IEC/TWPs. I had so many issues trying to get a credit card because I'm on an IEC. RBC refused me. TD refused me (despite banking with them). CIBC gave me a credit card straight away (although the credit check took 6 weeks to complete).
#14
Re: Banking in Canada
That can be the other helpful thing about opening one before you come with say HSBC if you happen to bank with them or FD in the UK. You're pre approved to get a credit card etc. because you carry some sort of credit rating with you. I'm probably not using the right terminology and appreciate it could be different for a TFW as opposed to a PR (or not as the case may be).
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#15
Re: Banking in Canada
I got $500 unsecured when I arrived as a PR.
They quickly want to pump it up after you've cleared it 6 months in a row. They also want to sell you their credit card insurance too.
They quickly want to pump it up after you've cleared it 6 months in a row. They also want to sell you their credit card insurance too.